Key points:
- Revolution Beauty CEO and Executive Chairman to temporarily step away
- The decision to step away was voluntary
- The move is to allow them to support the current independent investigation
Revolution Beauty (LON: REVB) announced Friday that chief executive Adam Minto and executive chairman Tom Allsworth have voluntarily agreed to temporarily step away from their roles to allow them to support the independent investigation being carried out by auditors investigating the company's full-year results.
In a release last month, Revolution Beauty stated its shares had been temporarily suspended from trading due to auditor concerns about certain accounting issues.
Revolution Beauty announced previously that the auditor had written to its Board and identified several “serious concerns” that have arisen during the course of its work on the FY22 audit.
Also Read: What Is Sentiment Analysis And How Does It Work?
However, the makeup and skincare company said the decision for Minto and Allsworth to temporarily step away is not due to “any matter arising from the independent investigation to date.”
“The Board, including Tom and Adam, considers that at the current time, the Group requires an operational leader that can devote their full time and attention to managing the Group's business and lead the ongoing discussions with the Group's stakeholders, including customers, suppliers and banking partners,” the company said in a statement.
“Tom and Adam will remain Directors of the Group but will not take part in any day-to-day decisions concerning the Group until completion of the independent investigation.”
As a result, the company has appointed Bob Holt OBE as Interim Chief Operating Officer. Holt has led a number of companies through flotations and turnarounds, most recently as Chairman of SureServe Group plc, Totally plc and Mears Group plc.